Here is my letter to US Congressman Michael Michaud (Democrat-Maine) who sits on the Veterans Affiairs Committee.
Dear Congressman Michaud,
Thank you for your excellent work on the Veterans Affairs Committee in holding hearings on JP Morgan Chase and its egregious violations of the Servicemembers Civil Relief Act (SCRA). I completely agree with your criticism of the “arrogance and greed” of Chase officials.
Similar hearings need to be held on the US activities of Deutsche Bank AG. The front page of the January 26, 2011 edition of the New York Times describes how Deutsche Bank violated the SCRA by foreclosing on the residence of a reservist while he was serving in Iraq. This was not an isolated case for the bank.
Deutsche Bank enriched itself during the housing bubble of the 2004 - 2008 by bundling billions of dollars of subprime loans and selling these securities to investors. Now, as trustee, the bank is forcing tens of thousands of US citizens from their homes in foreclosure proceedings. I can send your office documentation on how large swaths of our great cities such as Milwaukee and Cleveland have been ruined by the activities of Deutsche Bank.
Adding to the outrage, in late 2008 the US taxpayers paid over $11 billion to Deutsche Bank in connection with the bailout of AIG. How has the German bank repaid Americans for their largess?
I respectfully request your support for conducting hearings on Deutsche Bank and its banking activities in the US.
Sincerely,
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